Manchester Building Society launches new buy to let fixed rate products

Manchester Building Society launches new buy to let fixed rate products




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Manchester Building Society has announced the launch of two buy to let 3 year fixed rate mortgage products, which are available for both purchase and remortgage. 

The 3 year fixed rates are 5.74% (65% LTV) and 5.99% (70% LTV) and have a flat arrangement fee of £999 that can be added to the mortgage, however, based on the fixed rate, rental cover of 120% or 115% is required.
 
An early repayment charge of 3% also applies during the fixed rate period, with the maximum mortgage per property being £250,000 and each borrower limited to owning four rental properties across all lenders.
 
Commenting on the launch Graham Alexander, Business Relationship Manager, said: “These competitively priced products are specifically aimed at customers with a strong personal financial position, who choose to own a small number of buy to let properties as part of their broader investment strategy, and I'm sure they will be a popular addition to the buy to let market.
 
“Having been active in the Buy to Let market for many years, we are fully satisfied that this product will prove very attractive. Our experience is that the customer profile for this type of product is both high quality and low risk, and this is fully reflected in the competitive interest rate offered.”

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